Question

Left NY for Florida - not sure if my NY employer withheld enough taxes.

Forum|Forum|1 year ago
March 16, 2025
1 reply
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In April 2024, I moved from New York city to Florida. During my 4 months in New York, I earned income from an LLC (I am issued a K-1 from my employer), quit that job, and didn't work in Florida. Initially, my past employer held back NYS and NYC PTET for the income I earned in those 4 months, but with my change in residency to Florida they refunded a big chunk of this back. My read is they apportioned my NY based income through the whole year, rather than treating those 4 months of income as 100% NY. Since, I thought all that NY income would be subject to NYS and NYC taxes, I am worried they didn't withhold enough taxes via PTET. My tax adviser tells me we won't know until the K1s are issued (which won't be until sept-25), to see the percentage allocable to NY, and I worry if my past employer got the withholding wrong I could incur a penalty for 2024. I am also new to all this K1 stuff, so don't totally understand the explanation my own tax adviser has given me.

Am I wrong to be concerned?

Not A Product Question

R

RobertB4444

No, you sound the right amount of concerned.

If you are worried about it make a payment with the extension that you will file with New York. Give them back the money that had been withheld and was refunded to you. Since that was the original amount withheld it should cover the lion's share of the tax bill.

@Emily-s16

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